The Federal Reserve Board on Thursday approved an action by the Board of Directors of the Federal Reserve Bank of Dallas increasing the discount rate at the Bank from 3-1/2 percent to 3-3/4 percent, effective immediately. On Wednesday, the Board approved an action by the Board of Directors of the Federal Reserve Bank of Kansas City increasing the discount rate at that Bank from 3-1/2 percent to 3-3/4 percent, effective immediately.